The risk of structural failure is the single largest business risk facing operators in the US GOM. Numerous GOM operators have lost their entire business due to hurricane impact. Improved understanding of this risk is invaluable for smart business decision making, including acquisitions, divestitures, late-life field planning, insurance strategies, investment in facilities modifications/expansions etc.
Benefits of the intelliSIMS RBUI Plan:
- Specifically addresses life-safety of GOM manned platforms
- Focuses resources where they are needed
- Defensible and auditable approach
- BSEE endorsed and approved
- Substantial cost savings compared to API default (no compromise to integrity)
- Numerous business applications of the Probability of Failure (POF) knowledge (Insurance, decommissioning planning, acquisitions, tie ins and expansion projects, etc.)
intelliSIMS is the first and only company to have our Risk-based Inspection methodology formally approved by the OSTS office at BSEE. Given the current climate of low oil prices and the expectation this may be set in for the foreseeable future, intelliSIMS is focused on optimization of OPEX spending without compromise to integrity.
Provided an operator can demonstrate an effective SIM Program is in place to identify, mitigate and manage structural risk, then a risk-based program will be expected to deliver a significant reduction in annual structural integrity related operating costs. These include above water (API Level 1) and underwater (API Level II/III/IV) inspection activities and associated engineering evaluation, assessment and implementation of the results. This equates to substantially less field activities and therefore considerably less exposure to HSE risk in the field, including hazardous diving operations and vessel operations adjacent to vulnerable assets. intelliSIMS has now implemented our Risk-based Inspection planning for over half of the 2,300 platforms in the Gulf of Mexico with 6 E&P companies.
For these operators, we have significantly reduced all of their 2016 - 2026 inspection plans by 25% - 60%. Each operator having different inspection contractors and plans, the dollar cost savings vary, but have all been significantly more than the one time cost of implementing the plan with intelliSIMS, typically 10x. The inspection savings are repeated annually with the continual use of the RBUI plan.